Luxury watch retailer Ethos sets IPO date for May 18

By

Isabelle Crossley

Published
May 12, 2022

Luxury watch retailer Ethos will open subscriptions for its initial public offering on May 18 as the business aims to raise funds to fuel its store expansion and for other corporate purposes. 

The IPO will be made up of a fresh issue of equity shares which will aggregate to Rs 375 crore as well as an offer for sale of up to a total of 1,108,037 equity shares, the Press Trust of India reported. Ethos announced on May 11 that it has fixed a price band of between Rs 836 Rs 878 per share and that the IPO will be worth Rs 472 crore at the upper end of its price band. 
 
The IPO will run until May 20, the business announced in a virtual press conference on Wednesday. The offer for sale portion of the IPO will see Yashovardhan Saboo, KDDL, Mahen Distribution, Saboo Ventures LLP, Anuradha Saboo, Jai Vardhan Saboo, VBL Innovations, Anil Khanna, Nagarajan Subramanian, C Raja Sekhar, Karan Singh Bhandari, Harsh Vardhan Bhuwalka, Anand Vardhan Bhuwalka, Shalini Bhuwalka, and Manju Bhuwalka sell equity shares.

Ethos will use part of the funds from the IPO to advance its brick-and-mortar store expansion across India. The business will also use the funds to repay debt, fund its working capital requirements, and for general corporate purposes. 

Ethos retails a multi-brand selection of international luxury watches in India from 50 brands including Rado, Omega, Balmain, and Tissot among others. The business reported a revenue total of Rs 386.57 crore with a net profit of Rs 5.78 crore in the 2021 financial year.